Abu Dhabi's tourism body is planning to invest more than $10 billion in infrastructure as part of its new major tourism strategy, the chairman of the emirate's Department of Culture and Tourism has said.
The emirate also aims to boost the number of hotel rooms to 52,000, from the current 34,000, to support the Abu Dhabi Tourism Strategy 2030, Mohamed Al Mubarak told The National.
The UAE capital recently launched the Abu Dhabi Tourism Strategy 2030, announced by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, which aims to boost the sector's contribution to gross domestic product.
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It comprises 26 initiatives across four areas – offering and city activation, which is geared towards enhancing visitor experience; promotion and marketing; infrastructure and mobility; and visa, licensing and regulation.
DCT Abu Dhabi's major partners include the Abu Dhabi Department of Economic Development, the Department of Municipalities and Transport and Abu Dhabi Airports Company, as well as other government and private entities.
The plan aims to add Dh90 billion ($24.5 billion) to the country's GDP annually by 2030, about 84 per cent higher from Dh49 billion in 2023, and attract 39.3 million annual visitors to Abu Dhabi, a 7 per cent year-on-year growth and from an estimated 24 million last year, the department said.
The strategy also calls for the creation of 178,000 new jobs in the emirate, bringing the total number of jobs in the tourism and hospitality sectors to about 366,000 by the start of the next decade, it said.
“Between events and marketing spend, we're going to be hovering over $1 billion. That's outside, of course, of the infrastructure,” Mr Al Mubarak said on Tuesday.
“[When it comes to] infrastructure, in terms of museums, theme parks and hospitality, [with] the private sector playing a significant role, we are hovering at over $10 billion of investment from now to 2030,” he said.
Major attractions, projects coming up
Among the attractions coming to Abu Dhabi are the Guggenheim Museum, the expansion of Warner Bros World and the development of Harry Potter World within it, the Saadiyat Cultural District, Hudayriyat Island for sports and adventure, and the enhancement of Yas Waterworld, Mr Al Mubarak said.
In addition, the development of a zoo and other tourism venues is ongoing in Al Ain, as well as new hotel chains, including Nammos and Mondrian, among others.
More “new interesting projects” will be revealed “in the near future, which will enhance our entertainment product on Saadiyat Island”, he added.
In addition, the emirate is also aiming to add more four and five-star beach destination hotels, as well as promote more holiday homes, particularly expanding Airbnb offerings, the chairman said.
These are aimed at targeting an international overnight visitor count of 7.2 million by 2030, about 90 per cent higher than the estimated 3.8 million in 2023, DCT Abu Dhabi said.
“These will basically bring world-class hospitality experiences to the emirate, many of them for the first time in the region,” Mr Al Mubarak said.
DCT Abu Dhabi will also expand its tourism source markets to 26, from the current 11, with more roadshows being planned across Asia, Europe, Africa and North America, he said.
Abu Dhabi is expanding efforts to diversify its non-oil economy and attract investment across sectors including aviation, technology, and tourism and hospitality.
Abu Dhabi’s economy grew 3.1 per cent annually to Dh1.14 trillion in 2023, hitting its highest level in a decade, according to Statistics Centre Abu Dhabi data reported on Monday.
“With the growth of tourism GDP … this creates a significant amount of opportunities we're looking to bring in from now until 2030,” Mr Al Mubarak said.
Government initiatives have also played a role in supporting the tourism sector, such as the unified GCC tourist visa approved in November last year.
The system, which is expected to come into effect between 2024 to 2025 across the six-nation bloc, is expected to streamline travel logistics and underpins the “continuous communication and co-ordination”.
In addition, the UAE government is contemplating a proposal to introduce new commercial licence regulations, including a 10-year golden licence and a five-year silver licence, to boost business activities in the Emirates.
The GCC “is really going to enhance and market itself in ways it has never done. So there's massive opportunities there”, Mr Al Mubarak said.
“This is creating massive new jobs in this industry. We're looking to focus on cultural jobs, to focus on the creative industries. So those in itself are major opportunities for businesses to come set up here.”
Saudi Arabia, the Arab world's biggest economy, is also embarking on a major tourism push – and DCT Abu Dhabi is viewing this as “heavily complementary” to the UAE and wider GCC's ambitions to promote the region as a global tourist hub.
“This is something that is upon us. So we will take full of advantage of this complementary partnership,” Mr Al Mubarak said, noting the tourism boost GCC states enjoyed as a result of the ripple effects of the 2022 Fifa World Cup in Qatar.
The Israel-Gaza war, meanwhile, has affected tourists coming from Palestine and Israel, but overall Abu Dhabi's tourism sector has been “holding strong”, Mr Al Mubarak said.
“We have continuously showcased and we have proven not only to be a safe destination when conflict is around us, but to be a safe destination regardless of any time of the year.”
In addition, DCT Abu Dhabi is planning to launch a “super app” that will link all tourism services platforms, Mr Al Mubarak said.
The mobile application, which has been in development for more than a year, is expected to be rolled out in a year's time, he said.
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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